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Iran warns of closing strategic oil route

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« Reply #30 on: February 26, 2012, 08:49:15 am »

Iran stops oil flow to Greece - report
26 February 2012, (RT)
http://rt.com/news/iran-oil-ban-greece-247/

Excerpt:

Iran has denied shipment of crude oil to Greece, following similar moves against Britain and France.

The moves are pre-emptive to a set of sanctions imposed by the EU, which forbids buying oil from Iran after several months of grace period.

The first oil tanker denied loading of the expected 500,000 barrels of oil in Iran has returned home, a Fars news agency report says.

The shipment was meant for Hellenic Petroleum refinery. No official comment on the failed delivery was available immediately.

Western powers have been putting pressure on Iran by crippling its oil export since December, when a ban on Iranian oil was issued by the US.

The EU, which unlike the US buys considerable amount of crude from Iran, joined the sanctions in late January.

But it allowed import to continue for six months to allow European refineries find new supply routes and possibly to adjust to different brands of crude.

Tehran however pulled the rug from under European’s feet by banning export to some EU countries ahead of the scheduled cut.

On February 19, it officially denied export to Britain and France, the two key sponsors of the EU sanctions.

On Monday, Iranian Oil Minister Rostam Qassemi warned that other European countries may be sanctioned by Tehran in a similar way, "if the hostile acts… continue”.

Back then the news sent oil prices to a nine-month high.

Greece opposed the EU move, because switching to other source of crude would cost its already debt-ridden economy dearly.

However eventually it agreed to the ban along with other EU members.
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